Developing nations have become 'main engine' of growth: Xi

Xi made the announcement at a meeting in which leaders of the five BRICS countries, including Prime Minister Narendra Modi, and heads of Egypt, Guinea, Mexico, Tajikistan and Thailand took part. It was held on the sidelines of the 9th BRICS Summit under China's BRICS Plus initiative.

"I wish to announce that China will provide $500 million for assistance fund for South-South Cooperation," Xi said addressing the Dialogue of Emerging Market and Developing Countries here.

The money will be used to help fellow developing countries to tackle famine, refugees, climate change, public health and other challenges, he said.

"The purpose of inviting some representatives of developing countries from different regions to this dialogue is to foster a broad network for developing partnerships and build a community of common development and a shared future," Xi said. The Chinese president called for stronger solidarity and cooperation among emerging market economies and developing countries to implement the 2030 Agenda for Sustainable Development.

He said efforts should be made to enhance the representation and voice of emerging market economies and developing countries in the global economic governance.

Xi said the emerging market economies and developing countries have become the "main engine" of world economic growth. In his address, Xi also spoke about his Belt and Road Initiative (BRI) of which the $50 billion China Pakistan Economic Corridor (CPEC) passing through Pakistan-occupied Kashmir (PoK) is an integral part. India has protested to China about the CPEC as it passes through PoK. India had also boycotted the Belt and Road Forum (BRF) which was organised by China in May this year in support of the BRI. India, however, is part of the Bangladesh, China, India and Myanmar (BCIM) Economic Corridor, which is also part of the BRI. Xi said China will also provide "40,000 training opportunities" for the developing countries in China in the coming years.

"Four years ago, I put forward the idea of Silk Road Economic Belt and 21st Century Maritime Silk Road. The initiative received warm response from the international community," Xi said.

"In May, this year China hosted a successful Belt and Road Forum for International Cooperation. Together with the participating countries and international organisations we outlined vision under the Belt and Road Initiative (BRI) and proposed concrete measures along the BRI in pursuing sustainable development," he said.

It is widely agreed that the philosophy and vision of the BRI and its focus on policy, infrastructure, trade, financial and people to people connectivity have much in common with 2030 agenda for the sustainable development and the two can complement very well each other, Xi said.